The second-largest cryptocurrency with the current market capitalization of $19.3 billion has broken below $180.00 to trade at $178.70 at the time of writing. ETH/USD has lost 1.2% on a day-on-day basis and stayed unchanged since the beginning of the day. Basically, Ethereum is moving in sync with Bitcoin as there are no clear fundamental reasons that could be used to explain the decline.

Ethereum’s intraday technical picture

Looking technically, initial support is created by a confluence of the lower line of four-hour Bollinger Band and, SMA50 (Simple Moving Average) on approach to $177.50. This barrier is closely followed by SMA100 four-hour on approach to $177.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the intraday low of $175.50.

On the upside, the resistance is created by the middle line of one-hour Bollinger Band and SMA100 on the one-hour chart at $179.50, followed by psychological $180.00 and SMA50 on one-hour chart currently at $180.50. We will need to see a sustainable move above this handle for an extended recovery towards this week’s high at $186.12.

ETH/USD, four-hour chart

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Latest Crypto News & Analysis

Editors’ Picks

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.

BEST CRYPTO BROKERS/EXCHANGES

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings.

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